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2. Short Run Cost and Product Curves [S O TPL = Q(L) = 10L½ 200 nav - The wage (price) of labor is W = 500 per day.

2. Short Run Cost and Product Curves [S O TPL = Q(L) = 10L½ 200 nav - The wage (price) of labor is W = 500 per day.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Could I get some help seeing the equation for L and an explanation on how to graph please?
2. Short Run Cost and Product Curves ECOM SOT [2SSI END IT. Consider this total product function with a single variable input, labor (L) per day: = Q(L) = > The wage (price) of labor is W = 500 per day. TPL = = 10L a. Solve the total product function for L as a function of Q. L =o svne QCL) = = lOL'a OVA 9 d. Derive the equation of variable cost, VC(O). Then write the equations of AVC and MC. VC = AVC = MC = b. Graph: VC MC AVC 10L Q
Transcribed Image Text:2. Short Run Cost and Product Curves ECOM SOT [2SSI END IT. Consider this total product function with a single variable input, labor (L) per day: = Q(L) = > The wage (price) of labor is W = 500 per day. TPL = = 10L a. Solve the total product function for L as a function of Q. L =o svne QCL) = = lOL'a OVA 9 d. Derive the equation of variable cost, VC(O). Then write the equations of AVC and MC. VC = AVC = MC = b. Graph: VC MC AVC 10L Q
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